Saudi Arabia provides updates regarding "New" F1 team

This is not the first time this has been mentioned. In fact, Prince Khalid bin Sultan Al-Abdullah Al-Faisal and Saudi Arabia's stakeholders showed their interest in early 2023.

Speaking to ESPN, Prince Khalid said, "It could happen, it could happen soon if you see the growth." He continued, "If you are going to buy a Formula 1 team, then people will buy it to make money out of it, especially if it's going to be bought by one of the PIF [Saudi Public Investment Fund] companies."

Many existing Formula 1 teams, including McLaren, already have shareholders/owners from the Middle East.

Another option is for them to buy an existing team. Prince Khalid said, "It's not easy to say which team to buy and how you're going to manage it. But we have a lot of interest. We're hosting Formula One and sponsoring teams. So I wouldn't be surprised if we see an announcement for a Saudi team."

Audi, McLaren, and Aston Martin already have involvement with companies and holding groups in the Middle East. Aston Martin is heavily sponsored by Aramco, and McLaren's major shareholder is Bahrain's sovereign wealth fund Mumtalakat. Audi (set to take over Stake Sauber next year) has significant investments from the Qatar Investment Authority.

It is entirely possible that we could see a team takeover or a 12th team to join after Cadillac.

To this Prince Khalid said, "Personally, I would like to see a Saudi team,"

This article was written in collaboration with Marnik Kok.